Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1887-07-01
1 Certificate No. -. T;
District No. -. (; Coun-
ity 0f.-..-. 1; Today
District No. $50.
County Of 1855,

District No.. Coun-
~ OFF,. .-.--.day
Of....1S
County Of ... The Commonwealth
of Virginia is indebted
10. 49,. of District No.
$50. of county off,,
No. Virginia, for moneys
loaned her 10 meet
casual deficit In the rev.
enue and TO redeem, pre-
Name of tender, vious liabilities Of the
State, ..."."... dollars,
payable on demand, at
the Treasury Office Of
Virginia, on presenta-
ton of this certificate
Amt. of certificate by said .----. in per-
son, at the rate Of one
for three, or receivable
q .. at par by all collectors
of taxes for any and all
taxes on real and per-
Amt cash receiy'd sonal property and IL
cense taxes 70 be assess.
ed against the above
bamed tender in and for
. .. the year lrS9, il pre-
scented within fifteen
months Of this date.and
not otherwise. Not
Date Of issue. transferable except pro
tantO 10 purchaser Of
real estate.
imam. Auditor.
The clerk should not be allowed
TO accept of any loan except from a
TAXPAYER aud no certificate should
be issued tO greater amount than
the taxes Of the tender, and the
loan should be fully and properly
advertised in every section Of each
county. The number OF the certif-
cate might correspond with that Of
the tax. payer on the books Of the
Commissioner OF the Revenue-and
the number OF certificates should
be az least as great as the number
of tax. payers. Provision might be
made for the issue of certificates By
the Auditor in such cases as might
be deemed proper. The clerks
might be required to give addition.
al bond conditioned for the faithful
discharge of his duties, and that be
would account with and pay over
to the County Treasury monthly.
The Auditor, Treasurer, County
Treasurers and Clerks might be re-
quired to keep proper accounts,
make monthly statements, and such
guards and checks should be pro-
vided as seem proper. AS TO taxes
which may be returned delinquent
in 1889, the legislature of that year
could provide. The amount OF the
certificates need not exceed $1,000
600. Senate Bill l75, introduced 10
1880, by Senator Riddleberger.
"to re.establish the public credit"
vetoed by Gov. Holiday, would
suggest much of the details to the
draughtsman. All the taxes should
be payabl in q. S. currency, cou-
pOns, or loan certificates.
The acts, making appropriations
OF the money thus paid into the
Treasury, would probable apply it
/. To the expenses of Government-in-
Guiding the Schools and Institutions Of the
State-because the first duty Of any gov
eminent is 10 perpetuate the trust com
mitted 10 it. This can be readily ascer-
tanned aDd paid in full
2. Interest on the Riddleberger bonds,
which can all be paid. even il the entire
debt should be funded in them
3. To Sinking Fund, which shall be
applied 70 the purchase Of State bonds,
detached tax-receivable coupons, or West
Virginia certificates, on the market, as the
Commissioners Of the Sinking Fund may
determine. 10 would be impossible for
Virginia 10 pay all Of either the maturing
or overdue coupons. She has no mode Of
discriminating as 20 which che shall pay
and which leave unpaid-and TO pay in
the order Of an unseemly scramble 70 be
first Is not becoming sovereignty. The
purchase Of bonds on the market would
tend 10 increase their value and would in
sure the ultimate payment Of the princi-
pal of the debt. The coupons, bearing no
! interest will never increase each bond
purchased and cancelled is the destructive
Of an interest bearing debt. $1,000, 900,
invested in bonds at 80 would purchase
g., O000 900 of the debt and avoid the pay
ment Of 500, 000 or ~ per cent. Of inter-
est per year. Had Virginia, in lS7l-2, as
serted the patent fact that, until there
should be a settlement with West Virginia
she could not ascertain the principal upon
which she should pay interest, and had
steadily applied her revenues TO the pur-
chase of the bonds on the market, there
would have been but little interest-bear-
ing debt left now, and Virginia would be
in position TO present the redeemed bonds
and demand settlement with West Yir-
gnia, or the United States.
If pursuing the policy indicated, or any
other aud better, should result in the find
ing of the entire debt under the Riddle
berger bill should destroy determinations
in the classes Of the debt by making 1t all
uniform; should place the humblest citi-
zen on an equality with the largest cor
poration as TO that with which he could
pay his taxes should give the govern
ment and the institutions Of Virginia 8
position Of absolute security sho uld en-
able the State to pay her current interest
and provide the means for the ultimate
payment Of the principal, and TO hold
West Virginia, or the United States, 10 an
equitable settlement; but, above and be-
yond all, should restore the independence
and sovereignty Of the State by the ami
hilaton Of the abominable tax-receiyable
coupon, then, and then only, whatever po-
litical parties may say, could we assert
confidently, that Virginia had reached an
honorable settlement Of her debt.
ANTf-CoUPoN.